The Azerbaijan diesel genset market is projected to grow at a CAGR of 4.1% during 2019-25, Report informs citing the Research and Markets Center.
It is noted that The oil & gas industry in Azerbaijan is rising rapidly owing to several major projects in the pipeline such as modernization of Baku oil refinery, SOCAR GPC, and Karabakh oil fields. Moreover, rising investment, growing travel & tourism sector and government emphasis on the development of new luxury and budget hotels would further spur the market for diesel gensets in the hospitality domain in the country.
Diesel gensets with a rating below 60 kVA acquired the maximum volume share in the overall diesel genset market of the region on account of the widespread deployment of such gensets across the commercial and industrial domains. Increasing investment by the government to improve the road infrastructure of the country would further increase the demand for diesel gensets in the construction domain.
The report says that the industrial segment accounted for the highest revenue share in the overall market in 2018, owing to the use of diesel gensets in the oil and gas industry. The strengthening of the oil & gas sector in the country would further lead to the development of industrial establishments in Azerbaijan.
The center lists AKSA, Teksan, Caterpillar, Cummins and other Chinese and Turkish brands among the key players in the Azerbaijan Diesel Genset Market.